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Establishing financial interest in real property these days will invariably require a title insurance policy; this is what is known as clear and marketable title, meaning that an insurance company has evaluated the chain of title and has determined that it will protect the interests of the insured in case any claims of ownership arise.

“This search is conducted to ensure that marketable title to the property can be obtained and that no encumbrances affect the property rights of the purchasing party,” explains Sarah Stitgen, closing attorney at Cook & James, a firm in Roswell, Georgia.

The marketable title, assigned to them by a savvy editor at the magazine, evokes Bloom’s “The Closing of the American Mind.”

Is the home’s title free of “clouds” or “defects” — such as judgments, liens or bankruptcies — that would prevent the seller from transferring “clear” or “marketable” title to the buyer?

A contingency is a condition written into a purchase agreement that specifically states that the contract is reliant upon certain events taking place, such as lender approval for a mortgage, your acceptance of a building inspection, delivery of marketable title or even building code compliance.